LR grant Approval in Principle for HD HHI and KSOE ammonia FSRU
Summary
HHI’s ammonia-FSRU will store liquefied ammonia transported from production areas and can perform regasification to supply to shipowners and operators. FRSUs are an increasingly viable alternative to meet the growing demand for liquefied gas storage and regasification and are significantly more affordable to operate than onshore plants. The AiP follows the signing of a Memorandum of Understanding (MoU) in December 2022 for a Joint Development Project (JDP) between LR, Korea National Oil Corporation (KNOC), HD HHI KSOE. Sung-Gu Park, North East Asia President of Lloyd’s Register, said: “The development of FSRUs that can respond flexibly to the operating environment in a situation where the marketability of ammonia is increasing is an important element in the industrial value chain. We will take the lead in building a carbon-free and clean energy ecosystem through continuous cooperation with HD Hyundai and Lloyds Register."